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Pecos Company has just issued a 10-year, 9 percent coupon rate, $1000 par bond that pays interest semiannually . Three years later , if the

Pecos Company has just issued a 10-year, 9 percent coupon rate, $1000 par bond that pays interest semiannually. Three years later, if the going rate of interest on the bond falls to 8 percent, what is the value of the bond?

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